Wizzit International is a provider of basic banking services for the unbanked and underbanked (people or enterprises that have no or only limited access to banking services) in South Africa. Its services are based on the use of mobile phones for accessing bank accounts and conducting transactions, in addition to a Maestro debit card that is issued to all customers upon registration. Wizzit is a branchless banking business, meaning that its services are designed so that customers can generally conduct transactions without the need to visit bank branches.

While WIZZIT does not operate any branches on its own, it has partnered with the Absa Group and the South African Post Office that act as banking agents and allow WIZZIT's customers to deposit funds at any Absa or Post Office branch. Similarly, WIZZIT does not have an automated teller machine (ATM) network but its customers can pay for purchases and withdraw funds using their debit card at any point of sale (POS) or ATM accepting Maestro cards. Wizzit has also partnered with Dunns, a fashion retailer focusing on lower to middle-income customer segments[4] that acts as an agent for opening accounts

The company maintains a policy of only recruiting unemployed people,[5] which it has integrated into its promotion strategy: Because marketing costs represent one of the biggest financial challenges to its business,[1] Wizzit does not use mass media advertisements but relies instead on so-called WIZZkids—previously unemployed individuals that the company certifies to become sales agents.[6] Besides the commission on sales, WIZZkids receive annuity income based on the transaction level of account holders, which motivates them to train customers to use their accounts.[7] The WIZZkids are typically young, low-income individuals living in the communities from which they recruit their customers.[7]

Launched in 2004, WIZZIT is formally a division of the South African Bank of Athens but its brand is owned and its operations are run by a group of independent entrepreneurs.[8] WIZZIT had an estimated 250,000 customers in South Africa at the end of 2008 and has launched pilot projects in Zambia and Romania, where it intends to expand.[9] It had earlier reported that it expected to expand into other African countries as well and that it had been approached by potential partners from Kenya, Botswana, Namibia, Zambia, and Malawi.[10][11]

WIZZIT aims at partnering with either existing banks or microfinance institutions (MFIs) in the countries it intends to expand to,[12] a strategy it has been testing with Beehive, a South African MFI.[13] Wizzit has also been planning to acquire merchants as agents in South Africa's rural areas, where the majority of its potential customers reside and where there is only an underdeveloped payments infrastructure available, such as ATMs and POS devices.[12] If successful, merchants will offer customers the ability to deposit money to and withdraw money from their Wizzit bank accounts, as well as to pay for purchases by using their mobile phones.

1.
Finance
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Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty, Finance can also be defined as the science of money management. Finance aims to price assets based on their level and their expected rate of return. Finance can be broken into three different sub-categories, public finance, corporate finance and personal finance. g, health and property insurance, investing and saving for retirement. Personal finance may also involve paying for a loan, or debt obligations, net worth is a persons balance sheet, calculated by adding up all assets under that persons control, minus all liabilities of the household, at one point in time. Household cash flow totals up all the sources of income within a year. From this analysis, the financial planner can determine to what degree, adequate protection, the analysis of how to protect a household from unforeseen risks. These risks can be divided into the following, liability, property, death, disability, health, some of these risks may be self-insurable, while most will require the purchase of an insurance contract. Determining how much insurance to get, at the most cost effective terms requires knowledge of the market for personal insurance, business owners, professionals, athletes and entertainers require specialized insurance professionals to adequately protect themselves. Since insurance also enjoys some tax benefits, utilizing insurance investment products may be a piece of the overall investment planning. Tax planning, typically the income tax is the single largest expense in a household, managing taxes is not a question of if you will pay taxes, but when and how much. Government gives many incentives in the form of tax deductions and credits, most modern governments use a progressive tax. Typically, as ones income grows, a marginal rate of tax must be paid. Understanding how to take advantage of the tax breaks when planning ones personal finances can make a significant impact in which it can later save you money in the long term. Investment and accumulation goals, planning how to accumulate enough money - for large purchases, major reasons to accumulate assets include, purchasing a house or car, starting a business, paying for education expenses, and saving for retirement. Achieving these goals requires projecting what they will cost, and when you need to withdraw funds that will be necessary to be able to achieve these goals, a major risk to the household in achieving their accumulation goal is the rate of price increases over time, or inflation. Using net present value calculators, the planner will suggest a combination of asset earmarking. In order to overcome the rate of inflation, the investment portfolio has to get a higher rate of return, managing these portfolio risks is most often accomplished using asset allocation, which seeks to diversify investment risk and opportunity

2.
Sandton
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Sandton is an affluent area situated within the metro of Johannesburg, Gauteng, South Africa. It is well known for being the richest square mile in Africa, the name comes from the combination of two of its suburbs, Sandown and Bryanston. In 1969 Sandton was promulgated as a municipality in its own right, the remains of an Iron Age smelter was discovered in Lone Hill, a suburb of northern Sandton. One of the first Voortrekker parties to settle in the area were the Esterhuysen family on the farm Zandfontein, a monument to commemorate them may be found just off Adrienne Street in Sandown where the family cemetery is located. Zandfontein, Driefontein and Rietfontein encumbered what was to become Sandton, the municipal coat of arms of Sandton pays homage to the three farms with three round fountain barrels on its chevron. In the late 19th-century the Wilhelmi family of Hanover, Germany acquired the farm Driefontein No.3 while Rietfontein was owned by the Ehler family, the original Driefontein homestead, now within the confines of the Field & Study Centre, was looted during the Anglo-Boer War. The ruins are visible on the bank of the Klein Jukskei River. The Wilhemi family, upon return from Germany built the new 1906 Driefontein Farmhouse on what is present-day Fifteenth Street, the farmhouse served as the icon and headquarters for the now defunct Sandton Historical Foundation and is listed as a City of Johannesburg Owned Heritage Site. Sandton was established as a municipality in 1969 by the office of the Administrator of the Transvaal. It had formerly not formed part of Johannesburg but was managed, in part by the parent city, initially it was very much a residential area consisting mostly of small holdings with a rural horsey lifestyle attracting many of the upper-middle classes and Johannesburg elites. It was subsequently dubbed the mink and manure belt, Rivonia had previously been known as Edenburg and was changed to make itself distinct from Edenburg, Free State. It was named for the surname Riven, Sandton and its constituencies were traditionally relatively more liberal than surrounds. The construction of Sandton City marked a significant change for the Sandton area and it ushered in rapid commercialisation and industrialisation. Sandton came to symbolise the White Flight movement of Johannesburg and secured itself as Johannesburgs second Central Business District, despite this, Sandton is still unofficially earmarked as a distinct region of the city and operates as a macro-suburb. Urban decay in downtown Johannesburg caused many corporate offices to move from the Johannesburg Central Business District to Sandton in the 1990s and it has become the new financial district of South Africa and Johannesburgs premier business centre. Much of the focus of Johannesburg has shifted from the Central Business District to Sandton. However, three of South Africas four largest banks have kept their offices in downtown Johannesburg, along with Transnet. The other bank, Nedbank, has its headquarters in Sandton, a lot of the new money has moved north to Sandton, including investment banks, financial consultants and the like

3.
South Africa
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South Africa, officially the Republic of South Africa, is the southernmost country in Africa. South Africa is the 25th-largest country in the world by land area and it is the southernmost country on the mainland of the Old World or the Eastern Hemisphere. About 80 percent of South Africans are of Sub-Saharan African ancestry, divided among a variety of ethnic groups speaking different Bantu languages, the remaining population consists of Africas largest communities of European, Asian, and multiracial ancestry. South Africa is a multiethnic society encompassing a variety of cultures, languages. Its pluralistic makeup is reflected in the recognition of 11 official languages. The country is one of the few in Africa never to have had a coup détat, however, the vast majority of black South Africans were not enfranchised until 1994. During the 20th century, the black majority sought to recover its rights from the dominant white minority, with this struggle playing a role in the countrys recent history. The National Party imposed apartheid in 1948, institutionalising previous racial segregation, since 1994, all ethnic and linguistic groups have held political representation in the countrys democracy, which comprises a parliamentary republic and nine provinces. South Africa is often referred to as the Rainbow Nation to describe the multicultural diversity. The World Bank classifies South Africa as an economy. Its economy is the second-largest in Africa, and the 34th-largest in the world, in terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality remain widespread, with about a quarter of the population unemployed, nevertheless, South Africa has been identified as a middle power in international affairs, and maintains significant regional influence. The name South Africa is derived from the geographic location at the southern tip of Africa. Upon formation the country was named the Union of South Africa in English, since 1961 the long form name in English has been the Republic of South Africa. In Dutch the country was named Republiek van Zuid-Afrika, replaced in 1983 by the Afrikaans Republiek van Suid-Afrika, since 1994 the Republic has had an official name in each of its 11 official languages. Mzansi, derived from the Xhosa noun umzantsi meaning south, is a name for South Africa. South Africa contains some of the oldest archaeological and human fossil sites in the world, extensive fossil remains have been recovered from a series of caves in Gauteng Province. The area is a UNESCO World Heritage site and has termed the Cradle of Humankind

4.
Entrepreneurship
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What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital. Traditionally, an entrepreneur has been defined as a person who starts, organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. Rather than working as an employee, an entrepreneur runs a business and assumes all the risk and reward of a given business venture, idea. The entrepreneur is commonly seen as a leader and innovator of new ideas. They act as the manager and oversee the launch and growth of an enterprise, Entrepreneurship is the process by which an individual identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. For Schumpeter, the changes and dynamic disequilibrium brought on by the innovating entrepreneur, the ‘norm’ of a healthy economy. Entrepreneurial spirit is characterized by innovation and risk-taking, for example, in the 2000s, the field of social entrepreneurship has been identified, in which entrepreneurs combine business activities with humanitarian, environmental or community goals. In the 2010s, entrepreneurship can be studied in college or university as part of the disciplines of management or business administration, Entrepreneur, is a loanword from French. First used in 1723, today the term entrepreneur implies qualities of leadership, initiative, economist Robert Reich has called team-building, leadership, and management ability essential qualities for the entrepreneur. Historically the study of entrepreneurship reaches back to the work in the late 17th and early 18th centuries of Richard Cantillon and Adam Smith, which was foundational to classical economics. In the 20th century, entrepreneurship was studied by Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger, Ludwig von Mises, the term entrepreneurship was coined around the 1920s, while the loan from French of the word entrepreneur dates to the 1850s. According to Schumpeter, an entrepreneur is willing and able to convert a new idea or invention into a successful innovation, thus, creative destruction is largely responsible for long-term economic growth. The idea that leads to economic growth is an interpretation of the residual in endogenous growth theory. For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs, Schumpeters initial example of this was the combination of a steam engine and then current wagon making technologies to produce the horseless carriage. In this case the innovation, the car, was transformational and it did not immediately replace the horse-drawn carriage, but in time, incremental improvements reduced the cost and improved the technology, leading to the modern auto industry. Despite Schumpeters early 20th-century contributions, traditional microeconomic theory did not formally consider the entrepreneur in its theoretical frameworks, in this treatment, the entrepreneur was an implied but unspecified actor, consistent with the concept of the entrepreneur being the agent of x-efficiency. For Schumpeter, the entrepreneur did not bear risk, the capitalist did, Schumpeter was of the opinion that entrepreneurs shift the Production Possibility Curve to a higher level using innovations. Cantillon emphasized the willingness of the entrepreneur to assume risk and to deal with uncertainty, thus, he draws attention to the function of the entrepreneur, and distinguishes clearly between the function of the entrepreneur and the owner who provides the money

5.
Automated teller machine
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According to the ATM Industry Association, there are now close to 3 million ATMs installed worldwide. Authentication is provided by the customer entering a personal identification number which must match the PIN stored in the chip on the card or in the financial institutions database. Using an ATM, customers can access their deposit or credit accounts in order to make a variety of transactions such as cash withdrawals, check balances. If the currency being withdrawn from the ATM is different from that in which the account is denominated the money will be converted at an official exchange rate. Thus, ATMs often provide the best possible exchange rates for foreign travellers, the idea of out-of-hours cash distribution developed from bankers needs in Asia, Europe and North America. Little is known of the Japanese device other than it was called Computer Loan Machine, the device was operational in 1966. In the US patent record, Luther George Simjian has been credited with developing a prior art device, specifically his 132nd patent, which was first filed on 30 June 1960. The roll-out of this machine, called Bankograph, was delayed by a couple of years, an experimental Bankograph was installed in New York City in 1961 by the City Bank of New York, but removed after six months due to the lack of customer acceptance. The Bankograph was an automated envelope deposit machine and did not have cash dispensing features and it is widely accepted that the first ATM was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on 27 June 1967. This machine was inaugurated by English comedy actor Reg Varney and this instance of the invention is credited to the engineering team led by John Shepherd-Barron of printing firm De La Rue, who was awarded an OBE in the 2005 New Year Honours. Shepherd-Barron stated, It struck me there must be a way I could get my own money, I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash. The Barclays-De La Rue machine beat the Swedish saving banks and a company called Metiors machine by a nine days. The online version of the Swedish machine is listed to have been operational on 6 May 1968, the collaboration of a small start-up called Speytec and Midland Bank developed a fourth machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation. The patent for this device was filed on September 1969 by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappell, Sean Benjamin Newcombe & Malcom David Roe. Both the DACS and MD2 accepted only a token or voucher which was retained by the machine while the Speytec worked with a card with a magnetic stripe at the back. They used principles including Carbon-14 and low-coercivity magnetism in order to make more difficult. The idea of a PIN stored on the card was developed by a British engineer working on the MD2 named James Goodfellow in 1965, the essence of this system was that it enabled the verification of the customer with the debited account without human intervention. This patent is also the earliest instance of a complete currency dispenser system in the patent record and this patent was filed on 5 March 1968 in the US and granted on 1 December 1970

6.
Point of sale
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The point of sale or point of purchase is the time and place where a retail transaction is completed. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed, to calculate the amount owed by a customer, the merchant may use any of a variety of aids available, such as weighing scales, barcode scanners, and cash registers. To make a payment, payment terminals, touch screens, the point of sale is often referred to as the point of service because it is not just a point of sale but also a point of return or customer order. Additionally, current POS terminal software may include features to cater for different functionality, such as inventory management, CRM, financials. Businesses are increasingly adopting POS systems and one of the most obvious, selling prices are linked to the product code of an item when adding stock, so the cashier merely needs to scan this code to process a sale. If there is a change, this can also be easily done through the inventory window. Other advantages include ability to implement various types of discounts, a loyalty scheme for customers, retailers and marketers will often refer to the area around the checkout instead as the point of purchase when they are discussing it from the retailers perspective. This is particularly the case when planning and designing the area as well as considering a marketing strategy. Nevertheless, it is the term POS system rather than retail management system that is in vogue among both end-users and vendors, early electronic cash registers were controlled with proprietary software and were limited in function and communication capability. This system was the first commercial use of technology, peer-to-peer communications, local area network simultaneous backup. By mid-1974, it was installed in Pathmark stores in New Jersey, one of the first microprocessor-controlled cash register systems was built by William Brobeck and Associates in 1974, for McDonalds Restaurants. It used the Intel 8008, an early microprocessor. By pressing the button, a second or third order could be worked on while the first transaction was in progress, when the customer was ready to pay, the button would calculate the bill, including sales tax for almost any jurisdiction in the United States. This made it accurate for McDonalds and very convenient for the servers, up to eight devices were connected to one of two interconnected computers so that printed reports, prices, and taxes could be handled from any desired device by putting it into Manager Mode. In addition to the memory, accuracy was enhanced by having three copies of all important data with many numbers stored only as multiples of 3. Should one computer fail, the other could handle the entire store, in 1986, Gene Mosher introduced the first graphical point of sale software featuring a touchscreen interface under the ViewTouch trademark on the 16-bit Atari 520ST color computer. It featured a color touchscreen widget-driven interface that allowed configuration of widgets representing menu items without low level programming, the ViewTouch point of sale software was first demonstrated in public at Fall Comdex,1986, in Las Vegas Nevada to large crowds visiting the Atari Computer booth

7.
Zambia
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The capital city is Lusaka, in the south-central part of Zambia. The population is concentrated mainly around Lusaka in the south and the Copperbelt Province to the northwest, originally inhabited by Khoisan peoples, the region was affected by the Bantu expansion of the thirteenth century. After visits by European explorers in the century, Zambia became the British protectorate of Northern Rhodesia towards the end of the nineteenth century. For most of the period, Zambia was governed by an administration appointed from London with the advice of the British South Africa Company. On 24 October 1964, Zambia became independent of the United Kingdom, Kaundas socialist United National Independence Party maintained power from 1964 until 1991. Kaunda played a key role in diplomacy, cooperating closely with the United States in search of solutions to conflicts in Rhodesia, Angola. From 1972 to 1991 Zambia was a one-party state with the UNIP as the legal political party under the motto One Zambia. Kaunda was succeeded by Frederick Chiluba of the social-democratic Movement for Multi-Party Democracy in 1991, beginning a period of social-economic growth, after Mwanawasas death, Rupiah Banda presided as Acting President before being elected President in 2008. Holding office for three years, Banda stepped down after his defeat in the 2011 elections by Patriotic Front party leader Michael Sata. Sata died on 28 October 2014, the second Zambian president to die in office, Guy Scott served briefly as interim president until new elections were held on 20 January 2015, in which Edgar Lungu was elected as the sixth President. In 2010, the World Bank named Zambia one of the worlds fastest economically reformed countries, the Common Market for Eastern and Southern Africa is headquartered in Lusaka. The territory of what is now Zambia was known as Northern Rhodesia from 1911 and it was renamed Zambia at independence in 1964. The new name of Zambia was derived from the Zambezi river, the area of modern Zambia is known to have been inhabited by the Khoisan until around AD300, when migrating Bantu began to settle around these areas. These early hunter-gatherer groups were either annihilated or absorbed by subsequent more organised Bantu groups. Archaeological excavation work on the Zambezi Valley and Kalambo Falls show a succession of human cultures, in particular, ancient camping site tools near the Kalambo Falls have been radiocarbon dated to more than 36,000 year ago. The fossil skull remains of Broken Hill Man, dated between 300,000 and 125,000 years BC, further shows that the area was inhabited by pre-historic man. The early history of tribes of modern-day Zambia can only be gleaned from knowledge passed down by successive generations through word of mouth, in the 12th century, major waves of Bantu-speaking immigrants arrived during the Bantu expansion. Among them, the Tonga people were the first to settle in Zambia and are believed to have come from the east near the big sea, by the late 12th century, more advanced kingdoms and empires had been established in most regions of modern-day Zambia

8.
Romania
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Romania is a sovereign state located in Southeastern Europe. It borders the Black Sea, Bulgaria, Ukraine, Hungary, Serbia and it has an area of 238,391 square kilometres and a temperate-continental climate. With over 19 million inhabitants, the country is the member state of the European Union. Its capital and largest city, Bucharest, is the sixth-largest city in the EU, the River Danube, Europes second-longest river, rises in Germany and flows in a general southeast direction for 2,857 km, coursing through ten countries before emptying into Romanias Danube Delta. The Carpathian Mountains, which cross Romania from the north to the southwest are marked by one of their tallest peaks, Moldoveanu, modern Romania was formed in 1859 through a personal union of the Danubian Principalities of Moldavia and Wallachia. The new state, officially named Romania since 1866, gained independence from the Ottoman Empire in 1877, at the end of World War I, Transylvania, Bukovina and Bessarabia united with the sovereign Kingdom of Romania. Romania lost several territories, of which Northern Transylvania was regained after the war, following the war, Romania became a socialist republic and member of the Warsaw Pact. After the 1989 Revolution, Romania began a transition back towards democracy and it has been a member of NATO since 2004, and part of the European Union since 2007. A strong majority of the population identify themselves as Eastern Orthodox Christians and are speakers of Romanian. The cultural history of Romania is often referred to when dealing with artists, musicians, inventors. For similar reasons, Romania has been the subject of notable tourist attractions, Romania derives from the Latin romanus, meaning citizen of Rome. The first known use of the appellation was attested in the 16th century by Italian humanists travelling in Transylvania, Moldavia, after the abolition of serfdom in 1746, the word rumân gradually fell out of use and the spelling stabilised to the form român. Tudor Vladimirescu, a leader of the early 19th century. The use of the name Romania to refer to the homeland of all Romanians—its modern-day meaning—was first documented in the early 19th century. The name has been officially in use since 11 December 1861, in English, the name of the country was formerly spelt Rumania or Roumania. Romania became the predominant spelling around 1975, Romania is also the official English-language spelling used by the Romanian government. The Neolithic-Age Cucuteni area in northeastern Romania was the region of the earliest European civilization. Evidence from this and other sites indicates that the Cucuteni-Trypillian culture extracted salt from salt-laden spring water through the process of briquetage

9.
Microfinance
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Microfinance is a source of financial services for entrepreneurs and small businesses lacking access to banking and related services. Many of those who promote microfinance generally believe that such access will help people out of poverty. For others, microfinance is a way to economic development, employment and growth through the support of micro-entrepreneurs. Microfinance is a category of services, which includes microcredit. Microcredit is provision of services to poor clients. Microcredit is one of the aspects of microfinance and the two are often confused, critics may attack microcredit while referring to it indiscriminately as either microcredit or microfinance. Due to the range of microfinance services, it is difficult to assess impact. Proponents often claim that microfinance lifts people out of poverty, what it does do, however, is to enhance financial inclusion. In developing economies and particularly in areas, many activities that would be classified in the developed world as financial are not monetized. This is often the case when people need the money can provide but do not have dispensable funds required for those services. Personal Emergencies, such as sickness, injury, unemployment, theft, disasters, such as fires, floods, cyclones and man-made events like war or bulldozing of dwellings. Investment Opportunities, expanding a business, buying land or equipment, improving housing, securing a job, people find creative and often collaborative ways to meet these needs, primarily through creating and exchanging different forms of non-cash value. Common substitutes for cash vary from country to country but typically include livestock, grains, jewelry, in the 2000s, the micro finance industrys objective is to satisfy the unmet demand on a much larger scale, and to play a role in reducing poverty. Moreover, its involvement has shown to lead to a trend in income inequality. Rutherford argues that the problem that poor people face as money managers is to gather a usefully large amount of money. Building a new home may involve saving and protecting diverse building materials for years until enough are available to proceed with construction, children’s schooling may be funded by buying chickens and raising them for sale as needed for expenses, uniforms, bribes, etc. Because all the value is accumulated before it is needed, this management strategy is referred to as saving up. Often, people dont have money when they face a need

10.
Banking agent
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A banking agent is a retail or postal outlet contracted by a financial institution or a mobile network operator to process clients’ transactions. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, globally, these retailers and post offices are increasingly utilized as important distribution channels for financial institutions. Clients that transact at the agent use a bank card or their mobile phone to access their bank account or e-wallet respectively. Identification of customers is normally done through a PIN, but could also involve biometrics, with regard to the transaction verification, authorization, and settlement platform, banking agents are similar to any other remote bank channel. Local regulation will determine if financial institutions are allowed to work through retail outlets, Banking agents help financial institutions to divert existing customers from crowded branches providing a “complementary”, often more convenient channel. Other financial institutions, especially in developing markets, use agents to reach an “additional” client segment or geography, reaching poor clients in rural areas is often prohibitively expensive for financial institutions since transaction numbers and volumes do not cover the cost of a branch. Also, low-income clients often feel more comfortable banking at their local store than walking into a marble branch, Banking agents are the backbone of mobile banking, i. e. performing transactions over a mobile device, most often a mobile phone. To enable clients to convert cash into electronic money and vice versa which can then be sent over their mobile phone, clients will have to visit a branch, automated teller machine, or banking agent. For the client, there is no difference in accessing his or her account at the agent or in a branch or at an ATM. However, besides signing a contract with the institution it will be working for. In addition, the store has to deposit an amount of cash into that account which will serve as the banking agent’s “working capital. ”In many cases, rather than asking the agent to come up with the cash deposit. This is how the line will be used during each transaction, Client withdraws money. Client deposits money, agent account is debited in same amount, the banking equipment is located behind the store’s general cashier. Posters and marketing material may be limited to a small display next to the EFTPOS terminal, if transaction volumes justify it, a banking agent may set up a stand within a store with dedicated staff. Some financial institutions prefer this set up since clients do not feel as much as “banking” in a store and the bank’s brand is much more visible. A banking agent may set up a store which is similar to a mini-branch, i. e. a small shop with around 1-3 tellers. In most cases, the store will be branded by the bank to win the trust of the rural dwellers. Latina America is the region with the strongest development towards banking agents, Brazil is probably the most developed market where banking agents have significantly increased financial system infrastructure

11.
International Finance Corporation
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The IFC is a member of the World Bank Group and is headquartered in Washington, D. C. Since 2009, the IFC has focused on a set of development goals that its projects are expected to target, the IFC is owned and governed by its member countries, but has its own executive leadership and staff that conduct its normal business operations. It is a corporation whose shareholders are member governments that provide paid-in capital and it offers an array of debt and equity financing services and helps companies face their risk exposures, while refraining from participating in a management capacity. The corporation also offers advice to companies on making decisions, evaluating their impact on the environment and society and it advises governments on building infrastructure and partnerships to further support private sector development. The corporation is assessed by an independent evaluator each year, the corporations total investments in 2011 amounted to $18.66 billion. It committed $820 million to advisory services for 642 projects in 2011, the IFC is in good financial standing and received the highest ratings from two independent credit rating agencies in 2010 and 2011. IFC comes under frequent criticism from NGOs that it is not able to track its money because of its use of financial intermediaries. Robert L. Garner joined the World Bank in 1947 as a senior executive, in 1950, Garner and his colleagues proposed establishing a new institution for the purpose of making private investments in the developing countries served by the Bank. In 1956 the International Finance Corporation became operational under the leadership of Garner and it initially had 12 staff members and $100 million in capital. The corporation made its investment in 1957 by making a $2 million loan to a Brazil-based affiliate of Siemens & Halske. In 2007, IFC bought 18% stake in the Indian Financial firm, in December 2015 IFC supported Greek banks with 150 million euros by buying shares in four of them, Alpha Bank, Eurobank, Piraeus Bank and National Bank of Greece. The IFC is governed by its Board of Governors which meets annually, each member typically appoints one governor and also one alternate. The IFCs Board of Directors consists of 25 executive directors who meet regularly and work at the IFCs headquarters, the executive directors collectively represent all 184 member countries. The IFCs Executive Vice President and CEO oversees its overall direction, as of October 2012, Jin-Yong Cai serves as the Executive Vice President and CEO of the IFC. President of the World Bank Group Jim Yong Kim appointed Jin-Yong Cai to serve as the new Executive Vice President, Cai is a Chinese citizen who formerly served as a managing director for Goldman Sachs and has over 20 years of financial sector experience. The corporation operates with a staff of over 3,400 employees, in its fiscal year 2010, the IFC invested $12.7 billion in 528 projects across 103 countries. Of that total investment commitment, approximately 39% was invested into 255 projects across 58 member nations of the World Banks International Development Association, the IFC makes loans to businesses and private projects generally with maturities of seven to twelve years. It determines a suitable repayment schedule and grace period for each individually to meet borrowers currency

12.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs